Tapping into funding and knowledge through universities

Business Insights
25/07/2018

By Tracey John, UWE Bristol, Assistant Director of Research, Business and Innovation.


The UK government is on a mission to boost productivity across the country and is focused on maximising innovation and growth. As a result, it has made funds available to businesses across the country – including in the South West – to help with R&D projects, job creation, and other investments to expand their services.


This means that SMEs in the region looking to grow or develop a new product or service can access a whole variety of funding streams.


One path to access these grants is through universities. Provided through the University of the West of England (UWE Bristol), Grant 4 Growth (G4G) is an example of a grant scheme that enables businesses to apply for 70% funding of projects worth up to £10k. Eligible activity can be focused on R&D (e.g. development of new products, processes and services) or strategic projects (e.g. new business model development, market evaluation and assessments).


Another funding scheme – also available through UWE Bristol – is Innovation for Growth (I4G), which provides grants of between £10,000 and £75,000 to SMEs with a presence in the West of England (Bristol, Bath & North East Somerset, North Somerset or South Gloucestershire).


With £500,000 available, I4G part-funds SMEs – including start-ups, social enterprises and sole traders - from any industrial sector, to carry out research and development (R&D) projects.


Businesses can apply for grants of between £10k and £75k, to cover up to 35% of total project costs, which can include consultancy, the purchase of equipment, technology, machinery and materials, testing, trials, market assessment and training. (Those interested, currently have until 6 August 2018 to apply for a grant in the current round.)


Financed through the European Regional Development Fund (ERDF), the scheme supports these enterprises to create new jobs and develops new products, technologies, processes and services. I4G has already created or safeguarded 900 jobs across the region.


One West of England business that has already benefitted from the I4G programme is Gilcrest Manufacturing. Based in Bristol, it produces bespoke panels for a wide range of uses, including sterile rooms, cold rooms, and music studios.


One of its products is a lightweight aluminium honeycomb ceiling panel. The funding allowed Gilcrest to invest time in developing the product, researching material grades, as well as their effect on panel strength. It also undertook some practical testing to find the best parameters to make the sturdiest and most lightweight panels.


While universities can make funding streams available, they also represent a valuable power base of knowledge and cutting edge facilities – often available to businesses. Internships are a way for businesses to take on interns, whose youth and fresh insight can help with business growth.


Higher education insitutions are also a vehicle for providing work-ready graduates. The practical experience they acquire on their courses means that often they hit the ground running when joining the workforce. This can be hugely useful to businesses wanting to grow without having to spend too much time or money on weaning them off a purely education mindset.


For more information about the I4G programme, please go to: www.innovation4growth@uwe.ac.uk or contact us at: innovation4growth@uwe.ac.uk.


For more information on Grants 4 Growth or for advice on which grants is more suitable for your business, please email: Grants4Growth@uwe.ac.uk.